Key stocks are showing notable movements in premarket trading. Nike faces a 6.2% slump despite reporting better-than-expected earnings and revenue, citing slowing growth in China.
Lululemon shares tumble nearly 13% due to lower-than-expected guidance amid reduced demand in North America. Reddit experiences a slight 4% decline post-IPO surge.
Conversely, Best Buy gains 2% after a JPMorgan upgrade, while FedEx soars 12% following strong quarterly earnings. Dutch Bros. shares fell 6% after a shareholder offering, while LVMH saw a 3.5% drop as Antonio Belloni stepped down from his management role.
1. Nike’s stock declines by 6.2% as the company reports slowing growth in China during its fiscal Q3 of 2024, despite exceeding earnings and revenue expectations with strong North American sales.
2. Lululemon shares plummeted nearly 13% after the athletic apparel retailer issued lower-than-expected guidance, citing sluggish demand in North America despite beating holiday earnings expectations.
3. Reddit’s stock slips over 4% in premarket trading, retracting some gains from the previous day’s IPO surge of more than 48%.
4. Best Buy sees a 2% increase following a JPMorgan upgrade to overweight from neutral, with the bank citing improved prospects and computing trends ahead of the back-to-school season.
5. FedEx shares surged 12% premarket after reporting quarterly earnings of $3.86 per share on revenue of $21.7 billion, beating analyst expectations.
6. Dutch Bros. shares decline by 6% following an 8 million-share offering priced at $34 each by selling shareholders through Morgan Stanley.
7. LVMH shares drop over 3.5% as Antonio Belloni announces his departure from his management role, stepping down as deputy to chief executive Bernard Arnault to become president of LVMH Italy.
